{"id":5323,"date":"2018-09-27T00:22:27","date_gmt":"2018-09-26T18:52:27","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5323"},"modified":"2021-11-18T15:18:53","modified_gmt":"2021-11-18T09:48:53","slug":"corporate-and-professional-updates-27th-sep-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-27th-sep-2018\/","title":{"rendered":"Corporate and professional updates 27th sep 2018"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d0dc00cd46e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d0dc00cd46e\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-27th-sep-2018\/#CORPORATE_AND_PROFESSIONAL_UPDATES_27TH_SEP_2018\" title=\"CORPORATE AND PROFESSIONAL UPDATES 27TH SEP 2018\">CORPORATE AND PROFESSIONAL UPDATES 27TH SEP 2018<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-27th-sep-2018\/#Direct_Tax\" title=\"Direct Tax:\">Direct Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-27th-sep-2018\/#INDIRECT_TAX\" title=\"INDIRECT TAX\">INDIRECT TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-27th-sep-2018\/#FAQ_on_GST_Audit\" title=\"FAQ on GST Audit:\">FAQ on GST Audit:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-27th-sep-2018\/#MCA_Update\" title=\"MCA Update:\">MCA Update:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-27th-sep-2018\/#SEBI_UPDATES\" title=\"SEBI UPDATES\">SEBI UPDATES<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/nebula.wsimg.com\/f7e64d0a11db5fbf52fc402c9413ad4b?AccessKeyId=257631260A7E0C08008A&amp;disposition=0&amp;alloworigin=1\" alt=\"Image result for corporate and professional updates\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATES_27TH_SEP_2018\"><\/span>CORPORATE AND PROFESSIONAL UPDATES 27TH SEP 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><em><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">I<\/span>TAT Ahmedabad held that deduction under section 54 cannot be denied proportionately merely for joint ownership.\u00a0Shri Chitrang M. Dave Vs the DCIT (ITAT Ahmedabad)<\/li>\n<li>ITAT Mumbai held that assets holding period should be computed from the date of allotment letter.Shri Sanjaykumar Footermal Jain Vs ITO (ITAT Mumbai)<\/li>\n<li>Registration u\/s 12A &#8211; Condonation of delay &#8211; Ignorance of law is no excuse. The provision of Section 12A, being a beneficial provision to the Assessee, requires strict interpretation.<\/li>\n<li>Therefore, the Assessee should have been in a position to explain the delay, which is more than 18 years in the instant case \u2013\u00a0<strong>CIT Vs. Hemla Trust\u00a0(2018 (9) TMI 1413 &#8211; Madras High Court).<\/strong><\/li>\n<li>Share capital cannot regard undisclosed income of the company u\/S 68 of the <a href=\"https:\/\/www.caindelhiindia.com\/blog\/implication-of-cash-transaction-under-income-tax-act\/\">Income Tax Act<\/a> in\u00a0V. R. Global Energy Pvt. Ltd Vs ITO (Madras High Court)\u00a0when there was no cash\u00a0involved in the transaction of allotment of shares, provisions of Section\u00a068 of the said Act treating it as unexplained cash credit are not\u00a0attracted.<\/li>\n<li>ITR \/TAR:\u00a0Though the CBDT has extended the Due Date for filing of TAR &amp; ITR from 30 SEP 2018 to\u00a015 OCT 2018*, the Liability to pay interest u\/s 234A of IT Act will remain applicable. Hence to save a month interest, pay the taxes by 30 SEP 18.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><strong><em><span style=\"text-decoration: underline;\">INDIRECT TAX<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Jurisdiction &#8211; Competency to issue SCN &#8211; Officers appointed under State <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST Act<\/a> are authorized to be proper officers for the purpose of IGST\u00a0&#8211;\u00a0<strong>Advantage India Logistics Pvt. Ltd. Vs Union Of India &amp;\u00a0<\/strong><strong>Others\u00a0<\/strong><strong>(2018 (9) TMI 1417 &#8211; Madhya Pradesh High Court).<\/strong><\/li>\n<li>Last date to furnish ITC 04 for compliance of goods sent to *job worker* and received back there after is 30th September 2018* the period covered is 1st of July 2017 till 30th June 2018.<\/li>\n<li>The Government has made some new enhancements in the E-Way Bill (EWB) generation form and is being released on 1st of Oct. 2018.<\/li>\n<li>Read more at:\u00a0https:\/\/www.taxscan.in\/e-way-bill-form-modified-changed-form-rollout-1st-october\/28839\/<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_GST_Audit\"><\/span><strong><em><span style=\"text-decoration: underline;\">FAQ on <a href=\"https:\/\/carajput.com\/gst\/gst-audit.php\">GST Audit<\/a>:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query:\u00a0<\/span>Under what circumstances can a best\u00a0judgment assessment order issued under section 46\u00a0be withdrawn?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:\u00a0<\/span>The best judgment order passed by the Proper\u00a0Officer under section 46 of MGL shall automatically stand \u00a0withdrawn if the taxable person furnishes a valid return\u00a0for the default period (i.e. files the return and pays the tax\u00a0as assessed by him), within thirty days of the receipt of the\u00a0best judgment assessment order.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\">MCA Update:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>MCA has amend the companies (Registered valuers and Valuation) Rules, 2017. These rules may be called the companies (Registered valuers and Valuation) Third Amendment Rules, 2018 which shall come into force on the date of their publication in the official Gazette.<\/li>\n<li>DIR-3 KYC: As you are aware the last date for filing form\u00a0DIR-3 KYC without fee has expired on 15th September 2018.<\/li>\n<li>The process of deactivating the non-compliant DINs has since been completed and their status has been updated as \u2018Deactivated due to non-filing of DIR-3 KYC\u2019.<\/li>\n<li>However, the non-compliant DIN holders may file DIR-3 KYC with a fee of Rs.500 from 21 SEP till\u00a05 OCT 2018\u00a0(both days inclusive) to get their DINs reactivated.<\/li>\n<li>From 6th OCT 2018 onwards, a fee of Rs.5000 becomes payable for reactivation.<\/li>\n<li>MCA is likely to deregister another 50,000 companies this fiscal because\u00a0These firms have not been carrying out business activities for long.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">SEBI UPDATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> has told credit rating agencies some of which were blindsided by the aura and size of IL&amp;FS to review borrowers as soon as their bond prices crash, and even place such securities on \u2018rating watch\u2019 if prices continue to languish.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">OTHER UPDATES<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>ICAI Membership\/COP fees not paid* Please pay your Membership \/ COP Fees for the year 2018-19 latest by *30th September, 2018.\u00a0https:\/\/memfee.icai.org\/memfee.htm<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em>KEY DUE DATES\u00a0<\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>GSTR-3B (SEP 2018)-OCT 20th, 2018<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-5<\/a> (SEP 2018)-OCT 20th, 2018<\/li>\n<li>GSTR-6 (JULY 17 \u2013 AUG\u201918)- SEP 30TH, 2018<\/li>\n<li>GSTR-4 (JULY-SEP, 2018)-OCT 18th, 2018<\/li>\n<li>GSTR-5A (SEP 2018)-OCT 20th, 2018<\/li>\n<li>Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (JULY- SEP, 2018)-OCT\u00a031ST, 2018.<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">Quarterly return<\/a> for registered persons with aggregate turnover more than Rs. 1.50 Crores- GSTR-1-(AUG\u00a02018)-OCT 31ST\u00a02018<\/li>\n<\/ul>\n<p>more updates for relates blogs are:<\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/interim-dividend-final-dividend\/\">What are the interim dividend and final dividend?<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/what-is-process-to-get-back-shares-from-iepf\/\">What is the Process to get back shares from IEPF<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/closure-of-subsidiary-company\/\">CLOSURE OF SUBSIDIARY COMPANY<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/compliance-for-foreign-subsidiary-companies-in-india\/\">Compliance for Foreign Subsidiary Companies in India<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/key-highlights-of-racp-bill-2020-and-companies-amendment-bill2020\/\">Key Highlights of RACP Bill, 2020 and Companies (Amendment) Bill,2020<\/a><\/p>\n<h3 style=\"text-align: justify;\"><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; CORPORATE AND PROFESSIONAL UPDATES 27TH SEP 2018 Direct Tax: ITAT Ahmedabad held that deduction under section 54 cannot be denied proportionately merely for joint ownership.\u00a0Shri Chitrang M. Dave Vs the DCIT (ITAT Ahmedabad) ITAT Mumbai held that assets holding period should be computed from the date of allotment letter.Shri Sanjaykumar Footermal Jain Vs ITO &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,208,150,172,9,4],"tags":[5792,5807,5810,5805,4104,5808,1296,558,5809,5806],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5323"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=5323"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5323\/revisions"}],"predecessor-version":[{"id":6888,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5323\/revisions\/6888"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}